Marks & Spencer boss Steve Rowe has warned that the “unbearable yoke” of business rates will spark thousands more job losses unless the tax is overhauled by the government.
Rowe said that the “seismic upheaval” caused by the pandemic would lead to more pain on the high street unless chancellor Rishi Sunak delivers on his “fundamental review” of the system.
The M&S supremo called on Sunak to use the planned increase in corporation tax – expected to be confirmed at the Budget – to overhaul rates and deliver a lifeline to struggling high streets.
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